Technology

Insight / Global fraud costs balloon to £3.89 trillion

Fraud is costing businesses and individuals in the UK £130bn each year, while the cost to the global economy is put at £3.89 trillion, with losses rising by 56% in the past decade

Insight / O'Connor: using fintech to increase practice profitability

Advances in fintech could transform the accounting profession if firms leverage the technology to help growth their practices and offer extended services to their smaller clients, explains Sam O’Connor ACA, co-founder & CEO of smart banking app Coconut

Insight / UK regulator hits Marriott with £99m data breach fine

The Information Commissioner's Office (ICO) plans to fine hotel chain Marriott International £99m for general data protection regulation (GDPR) infringements, just days after a record-breaking £183m fine for British Airways over a privacy breach

Insight / FCA tightens controls on peer-to-peer lending rules

As the Financial Conduct Authority (FCA) releases its latest rule book for loan-based, peer-to-peer platforms, Kam Dhillon, principal associate at Gowling WLG, explains the regulator’s latest attempts to improve investor protection

Insight / Artificial intelligence cannot replace professional judgment for auditors

The use of artificial intelligence (AI) to replace human intervention for auditing processes and financial transactions will not remove the need for professional judgment, ICAEW warns

Insight / Big increase in cyber incidents at financial services firms

There has been a sharp spike in the number of cyber incidents reported by financial services firms, with 819 cases logged with the Financial Conduct Authority (FCA) in 2018, up from 69 the previous year, according to analysis from RSM

Insight / Underwood: should accountants mix compliance with advisory services?

As younger accountancy practitioners start up new practices and turn to technology and automation to provide compliance services for SME clients, does it make sense to offer additional advisory services or is that a sure way to damage profitability? Keith Underwood, MD at Foulger Underwood looks at the figures  

Audit / Thomson Reuters acquires Confirmation audit service

Thomson Reuters is expanding its audit offering with the acquisition of Confirmation, a provider of secure audit confirmation services, primarily for banking and financial services

Insight / ACCA launches computer-based exam practice platform

ACCA (Association of Chartered Certified Accountants) has launched a brand new accountancy exam practice platform for computer-based exams (CBE) targeted at training providers

Insight / Facebook to launch Libra cryptocurrency

Facebook has moved into the crypto currency market with plans to launch Libra, a new global currency powered by blockchain technology, which will be available as a payment method on WhatsApp and Messenger

Insight / American Institute of CPAs to launch own internet domain

The American Institute of CPAs (AICPA) is in final negotiations to secure an internet domain specifically for CPAs, with the aim of enhancing trust and branding of the accountancy profession

Insight / Harding: the technology threat to finance jobs

Technology from artificial intelligence to computer algorithms is disrupting the world of finance and will change the very fundamentals of the finance function, says Andrew Harding, chief executive of management accounting at CIMA

Insight / GDPR rules prompt spike in data breach notifications

Notifications of data breaches to the Information Commissioner’s Office (ICO) have rocketed in the first year of new reporting rules following the introduction of the General Data Protection Regulation (GDPR)

Audit / PwC plans audit overhaul to stave off break-up threat

In a bid to stave off demands for the break-up of Big Four audit firms, PwC plans to spend £30m a year on a significant transformation of its audit business, with a raft of measures designed to address growing concerns from regulators, but the firm will not hive off its audit business

Insight / Big Four dominate cyber security job space

KPMG and PwC are the UK's biggest recruiters of cyber security experts, with EY and Deloitte close behind, making the Big Four the country’s top four cyber employers
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